Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. As at December 31, 2022, Dream Industrial REIT owns, manages and operates a portfolio of 257 industrial assets totalling approximately 47.3 million square feet of gross leasable area in key markets across Canada, Europe, and the U.S. Dream Industrial REIT’s goal is to deliver strong total returns to its unitholders through secure cash flows underpinned by its high-quality portfolio and an investment grade balance sheet as well as driving growth in its net asset value and cash flow per unit.
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Overview
High-quality industrial properties across Canada, the U.S. and Europe
$6.8B
Investment Properties Fair Value257
Assets(1)(2)47.3M
sq. ft. of GLA(2)98.9%
Committed Occupancy(3)For Dream Industrial REIT assets only as at December 31, 2022.
(1) Number of assets comprises a building, or a cluster of buildings in close proximity to one another attracting similar tenants.
(2) Includes the Trust’s owned and managed properties as at December 31, 2022. Managed properties include U.S. assets in the U.S.
industrial fund (“the U.S. Fund”) for which the Trust provides property management, construction management and leasing services at market rates.
(3) Includes the Trust’s share of equity accounted investment as at December 31, 2022.
Highlights of our European Portfolio
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Dream Industrial REIT 30 Adelaide Street East, Suite 301, Toronto, ON M5C 3H1Transfer Agent
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Dream Industrial REIT
Dream Industrial REIT is a pure-play industrial REIT that owns high-quality industrial properties across Canada, the U.S. and Europe
Our Strategy
Dream Industrial REIT’s core strategy is to grow our portfolio of industrial properties across Canada, the U.S. and Europe, providing a solid platform for stable and growing cash flows by:
• owning and operating a high-quality portfolio of industrial assets in markets with strong operating fundamentals;
• investing in our key markets in industrial assets offering long-term cash flow and net asset value growth prospects;
• maximizing the value of our industrial assets through innovative asset management strategies;
• providing compelling total returns to our unitholders, anchored by sustainable cash distributions; and
• integrating sustainability at the corporate and property levels.
Global Acquisition Platform
With a global acquisition platform, we have local, on-the-ground teams with a strong track record of sourcing attractive industrial
assets across Canada, the U.S. and Europe. We have strong established relationships in all our local markets which allows us to
source high-quality and accretive acquisitions with long-term cash flow and net asset value growth potential.
Continuous Portfolio Optimization
We regularly evaluate and benchmark each individual asset in our portfolio, assessing historical and future performance as well
as value growth potential. We identify opportunities to recycle assets within our portfolio and reinvest the proceeds into higher
quality assets that are less management and capital intensive. When evaluating potential acquisitions, we consider a variety of
criteria, including expected cash flow returns; replacement cost of the asset; its location, functionality and appeal to future
tenants; sustainability attributes of the asset and how the asset complements our existing portfolio; and per Unit accretion.
Active Asset Management
Through creative asset management strategies, initiating and executing on development projects enables us to unlock organic net
operating income and net asset value growth. We actively manage our assets to optimize performance, maintain value and attract
and retain tenants. We have local teams across our portfolio with over 80 real estate professionals highly experienced in leasing,
operations and portfolio management operating out of nine regional offices in our key markets. We strive to ensure that our assets
are the most attractive, efficient and cost-effective premises for our tenants.
Conservative Financial Policy
We operate our business in a disciplined manner with a focus on maintaining a strong balance sheet and liquidity position. We
seek to maintain a conservative leverage, naturally hedge foreign currency investments, and build up a high-quality unencumbered
asset pool, while reducing borrowing costs and preserving liquidity
Focused Portfolio Strategy
In Canada, our strategy is to acquire mid-to-large-bay properties primarily in the Greater Toronto Area and the Greater Montréal
Area where we expect to benefit from increased user demand relative to supply of quality industrial product, and where in-place
rental rates are generally below market rental rates and the outlook for rental rate growth is robust. The Trust is also targeting to
increase scale in our existing sub-markets and add to our large urban logistics clusters.
In the U.S., our strategy is to acquire larger bay distribution properties in major markets within the Midwestern U.S., capitalizing
on strong e-commerce demand for distribution assets, steady contractual rent growth and attractive going-in capitalization rates.
In Europe, our goal is to acquire mid-to-large-bay properties in major markets in the Netherlands and Germany. Across these
markets there is growing demand for urban logistics space, increased user demand relative to supply of quality industrial product,
attractive going-in capitalization rates and upside potential from growth in market rents.
Property Management
Dream Industrial Management Corp. provides real estate services – including property management and leasing – to properties owned by Dream Industrial REIT.
Our management team and staff are committed to:
Continually improving the quality of our office communities through efficient property management, value added services for our tenants and capital improvements to our assets; and providing customer service excellence. Our top priority is providing a physical environment essential to the well-being of our tenants and the success of their business.
An important key to our success is our vertically integrated property management operations, which includes tenant services and property operations, lease administration accounting and reporting, and in-house construction management and leasing capabilities.
dreamplus
Our web-enabled response system provides tenants with the ability to submit and monitor their service requests online.
Whether it’s a light bulb that needs replacing or if the temperature is just not right, simply login and enter your request. Should you have any questions or trouble logging in, please contact us at [email protected]
How To: Dream Plus Guide
Portfolio
Overview
Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. As at December 31, 2022, Dream Industrial REIT owns, manages and operates a portfolio of 257 industrial assets (374 buildings) comprising approximately 47.3 million square feet of gross leasable area in key markets across Canada, Europe, and the U.S. Dream Industrial REIT’s objective is to continue to grow and upgrade the quality of its portfolio which primarily consists of distribution and urban logistics properties and to provide attractive overall returns to its unitholders.
Modern, Functional and Well Located Assets
Whitby, ON
Waddinxveen, Netherlands
Orlando, FL
Oakville, ON
Ede, Netherlands
Louisville, KY
Charlotte, NC
Breda, Netherlands
Columbus, OH
Montréal, QC
Vaughan, ON
Frankfurt, Germany
Heerenveen, Netherlands
Cincinatti, OH
Dresden, Germany
Our assets by building type Across our regions, our portfolio consists of distribution, urban logistics and light industrial buildings.
As at December 31, 2022, our investment property value by building type allocated by region is as follows (all dollar amounts in these charts are presented in millions)*
Distribution Buildings
Highly functional big-bay buildings located in close proximity to airports and major transportation corridors, catering to e-commerce and logistics tenants.
Urban Logistics
Small to mid bay properties located close to major population centres and ideally suited to meet last mile distribution needs.
Light Industrial
Mid to large bay assets where tenants have typically invested significant amounts capital and are committed to the space.
Geographically Diverse Portfolio $6.8B Total Investment Properties Value
Canada$4.0B 62% of investment properties value
Exceptionally well-located urban portfolio located mostly in the Greater Toronto Area, Greater Montreal Area, and Calgary
Europe $2.5B 38% of investment properties value
Urban portfolio located close to dense population centres, primarily in the Randstad region within the Netherlands, Germany, and France.
U.S.25% interest in a US$1.0B private industrial fund
In the U.S., our strategy is to continue pursuing long-term growth alongside strong institutional partners through our retained ~25% interest in the U.S. Fund. A subsidiary of the Trust will provide property management, construction management and leasing services to the Fund at market rates. This is expected to provide a growing income stream to the Trust as the U.S. Fund scales in attractive U.S. industrial markets. This transaction allows the Trust to continue to grow in attractive U.S. industrial markets, improving overall portfolio quality and diversification, while maintaining an enhanced geographic mix.
Focused portfolio strategy
In Canada, our strategy is to acquire mid-to-large-bay properties primarily in the Greater Toronto Area and the Greater Montréal Area where we expect to benefit from increased user demand relative to supply of quality industrial product, and where in-place rental rates are generally below market rental rates and the outlook for rental rate growth is robust. The Trust is also targeting to increase scale in our existing sub-markets and add to our large urban logistics clusters.
In Europe, our goal is to acquire mid-to-large-bay properties in major Western European markets. Across these markets, there is growing demand for urban logistics space, increased user demand relative to supply of quality industrial product, attractive going-in capitalization rates and upside potential from growth in market rents.
In the U.S., our strategy is to continue pursuing long-term growth alongside strong institutional partners through our retained 21% interest in the U.S. Fund. A subsidiary of the Trust will provide property management, construction management and leasing services to the Fund at market rates. This is expected to provide a growing income stream to the Trust as the U.S. Fund scales in attractive U.S. industrial markets. This transaction allows the Trust to continue to grow in attractive U.S. industrial markets, improving overall portfolio quality and diversification, while maintaining an enhanced geographic mix.
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Dream Industrial REIT 30 Adelaide Street East, Suite 301, Toronto, ON M5C 3H1Transfer Agent
Computershare Investor Services 100 University Avenue, 8th Floor, Toronto, ON M5J 2Y2Sustainability
Our sustainability strategy enables us to establish meaningful and realistic benchmarks, measure our progress and integrate our environmental and social obligations into the ways we manage our business and create value.
Chief Executive Officer
Sustainability
Environmental
We strive to continuously improve the resource efficiency of our operations, lower any undesired impacts associated with our activities and contribute positively to the transition to a low carbon economy.
Social
We care for our people, tenants, partners and communities by embracing a diverse and inclusive workplace, promoting leading health and safety practices and building inclusive, attainable and sustainable communities.
Governance
We maintain the highest ethical business standards, which includes how we manage and mandate sustainability.
Sustainability Highlights
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Investor Inquiries
Dream Industrial REIT 30 Adelaide Street East, Suite 301, Toronto, ON M5C 3H1Transfer Agent
Computershare Investor Services 100 University Avenue, 8th Floor, Toronto, ON M5J 2Y2Team
Management Team
Our team is made up of the industry’s smartest, most dedicated, knowledgeable and experienced real estate investment, portfolio management and financial professionals that have a proven track record of creating value.
Governance
Dream Industrial REIT is committed to sound and effective corporate governance. Our goal is to not only meet the requirements established by securities laws and regulators but also to uphold the spirit of “good corporate governance” and we always strive to communicate in an open, honest and transparent manner.
Board of Trustees
Committees
Dream Industrial REIT’s Committees assist in the effective functioning of the Board and help ensure that the views of Independent Trustees* are effectively represented.
Independent Trustee
A Trustee that is independent within the meaning of NI 58–101. An Independent Trustee is one who is not an employee or executive officer of Dream Industrial REIT and who is free from any direct or indirect relationship which could, in the view of the Board, be reasonably expected to interfere with independent judgment.
Audit Committee
Governance, Compensation and Environmental Committee
Executive Committee
Charters, Policies and Declaration of Trust
Dream Industrial REIT is committed to sound and effective corporate governance. Our goal is to not only meet the requirements established by securities laws and regulators but to also uphold the spirit of ‘good corporate governance.’
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